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The rise of millennial small business owners

It is increasingly common for small businesses to be run by millennials.

Research has indicated that millennials have become very active in business ownership. According to one study, individuals in this age group are starting businesses earlier and in greater amounts than the baby boomer generation.

Each generation of business owners brings its own particular traits to the table. What general traits do millennials have when it comes to running businesses? For one, it appears they put a lot of focus on preparation. A recent study found that millennials were more likely to have plans in place regarding things like business succession, retirement benefits, cyber threats and natural disasters than other business owners.

What impacts do you think the rise of millennial business owners will have here in the U.S.? How do you think the small business landscape will be impacted by this generation’s tendency to be well-prepared and its other traits?

Just like business owners from other generations, millennials can run into disputes during the course of running a company. No amount of careful planning by a company’s owner can completely remove the possibility of business disputes. Business owners of all ages and preparedness levels may benefit from having the guidance of a skilled lawyer when in a business dispute. Such disputes can have major implications for a company owner’s future. Attorneys can help company owners of all ages with identifying their goals related to a dispute and what strategies for dealing with the dispute might help with reaching these goals.

Source: Forbes, “Nationwide Study Shows Millennials Are Better Prepared Small Business Owners,” Jeff Fromm, Sept. 14, 2016

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